Cantor Fitzgerald initiated coverage of Meta Platforms with an Overweight rating and $660 price target, while assigning the stock “Top Pick status.” The firm believes the business has plenty of levers to capture share gains and generate healthy top-line growth above a mid-teens compound annual growth rate over the next two to three years, the analyst tells investors. While the ROIC of AI spend is debated, Visible Alpha estimates have capex spend growing steadily, but assume minimal revenue benefit, which provides upside scenarios to earnings and free cash flow, the analyst added.
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